When it comes to property division in divorce, the rule of equitable distribution is central. The court considers a number of factors when splitting marital property. Therefore, an even split is not always a guarantee. In short, while going through this portion of divorce— you’ll feel like you’re in limbo. What becomes of the family home? The car? The vacation house? Any assets that you have together, are all up for division. Thus, it’s extremely important to seek out an attorney that understands what you’re going through, and can be realistic when it comes to what you want, versus what you’ll likely get.
Understanding Anderson Property Division
Ultimately, this whole process starts with figuring out what counts as marital property, and what does not. More often than not, the date of purchase is directly indicative of whether it falls into that category or not. So, for example, if you buy a home while married— marital property. If you buy a car outside of the marriage— not marital property. The concept is quite simple, but it can become problematic if, say, you make all purchases before you decide to marry. In this instance, a family court cannot help you and you’ll have to figure it out on your own.
Are There Any Special Circumstances?
There are instances were that non-marital property can actually become marital property. This occurrence is called ‘transmutation’. Transmutation essentially means that the property which once benefitted one of you, now benefits both. This typically occurs with the home. It is becoming more and more common for either a couple, or one of you, to buy a home before marriage. But, after marriage, that spouse moves into the home and benefits from it as well. Only in instances such as these will the the home become marital property. So, the court can help you in this scenario. Making sense of these laws will really help you to determine what you’re gaining and losing when it comes to divorce.